Microgrid Monitoring Systems Market – Snapshot
The electric power industry has made significant progress due to constant innovation over the years. Microgrid is an important component of distributed power generation. Microgrid monitoring helps in improving the reliability of power supply. It also aids in energy conservation and protects the environment. Microgrid systems help in the efficient monitoring of all electrical equipment controls, and operations in real time.
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Rise in Renewable Energy Generation has Propelled Demand for Microgrid Monitoring Systems
Microgrid monitoring systems consist of a wide range of products that are engineered, configured, and standardized with essential auxiliary equipment. Factors such as rise in demand for microgrids in China and India in Asia Pacific, a gradual recovery in industrial activities, and government initiatives to provide efficient and safe electricity are expected to drive the microgrid monitoring system market in the coming years. Developing economies are expected to present significant opportunities for the market as they are significantly increasing their focus on renewable energy. In 2017, the industrial sector saw a rebound due to a rejuvenated residential market, particularly in developed economies. This was attributed to the robust economic growth in North America and Europe. In North America, market expansion and increase in demand for military microgrid repairs created favorable conditions last year. These are expected to continue during the forecast period.
However, development in smart microgrid systems is estimated to hamper the microgrid monitoring system market during the forecast period. This is because smart technologies are replacing microgrid monitoring systems in developed countries such as the U.S., Canada, Germany, and the U.K.. Moreover, rise in concerns about an economic recession and an unpredictable political scenario across the globe are likely to delay or lead to the cancellation of renewable energy and grid installation activities. Rise in industrialization and urbanization in most regions across the globe is estimated to boost the microgrid monitoring system market in the near future. Governing bodies impose fines and take stringent action against violations of norms or illegal installation of grids. High installation costs of microgrid monitoring systems are likely to restrain their adoption in undeveloped countries with less capital investment.
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Hardware Segment to Dominate the Microgrid Monitoring Systems Market
Considering the importance of quality of microgrid installation and monitoring, the usage of hardware is increasing significantly in order to efficiently monitor real-time events of a microgrid system. Rise in investments in renewable energy activities due to rapid industrialization and urbanization is propelling the hardware segment of the microgrid monitoring systems market.
Development and Innovation in Product and Technology
In July 2018, HOMER Energy LLC released new software features regarding the usage of renewable energy that are easy to understand. This is likely to help solar developers, engineers, and energy and business planners to lower the costs of developing complex renewable energy projects.
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Demand for Microgrid Monitoring Systems is Likely to Increase in Asia Pacific
Asia Pacific is estimated to be a prominent region of the microgrid monitoring systems market. Awareness about energy conservation and the need for providing uninterrupted supply of electricity to people in Europe and North America are projected to drive the microgrid monitoring systems market in the near future. Moreover, a large number of collaborations between manufacturers and technology developers during the next few years is likely to fuel the microgrid monitoring systems market.
Highly Competitive Market with a Few Dominant Players
The global microgrid monitoring systems market is highly competitive, with a few dominant players. Key players operating in the microgrid monitoring systems market are Enercom GmbH, ABB Ltd, General Electric, Power Analytics Corporation, S & C Electric Company, Caterpillar Inc., Eaton Corporation, Exelon Corporation, Siemens AG, and others.
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